An 11.16-acre redevelopment site located at 5400 Old Orchard Road in Skokie has been sold in a closed transaction. The mixed-use property spans 486,000 square feet and was purchased by Tucker Development for a total of $13,250,000, at a price per square foot of $27. The seller in this transaction was CTL Group.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $13,250,000
• Address: 5400 Old Orchard Road
• Market: Skokie
• Square Footage: 486,000

Drew Neems from NorthMarq represented both the buyer, Tucker Development, and the seller, CTL Group, in this deal. Notably, the property includes a 187,000 square foot corporate headquarters and sits adjacent to the Westfield Old Orchard shopping mall and I-94. Tucker Development has plans to develop a nearly 300-unit multifamily housing project on the site.